The Contributory Pension Scheme (CPS) in Nigeria experienced a significant increase in fund assets in 2023, according to data from the National Pension Commission (PenCom) [2dcf1b91]. The pension fund assets rose from N14.99 trillion in December 2022 to a peak of N18.36 trillion in December 2023. This increase of N3.37 trillion reflects the growth and stability of the pension industry in Nigeria. The number of Retirement Savings Account (RSA) members also grew from 9.86 million to 10.19 million, with an additional 329,271 subscribers joining the scheme. The majority of the pension fund assets, amounting to N11.92 trillion, were invested in Federal Government of Nigeria securities, while N271.36 billion was invested in state securities and N1.67 trillion in money market instruments. Between November and December 2023, a total of N428.13 billion was injected into the pension fund assets [2dcf1b91].
The Director General of PenCom, Aisha Dahiru-Ahmed, expressed the Commission's commitment to further growing the pension scheme and ensuring that citizens can enjoy a better life in retirement. She emphasized the importance of the CPS in preventing old age poverty and highlighted the role of the regulator, Pension Fund Administrators (PFAs), and Pension Fund Custodians (PFCs) in providing safe valves, checks, and balances within the industry. The President of the Pension Fund Operators Association of Nigeria (PenOp), Olumide Oyetan, also underscored the significance of the CPS in addressing old age poverty and praised the regulatory measures in place [2dcf1b91].
The N18.36 trillion in pension fund assets translates to $20.41 billion, based on the exchange rate of N899.39 to the United States Dollar [2dcf1b91]. The CEO of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah, discussed the strides made by the industry and highlighted the potential for future transformations [2dcf1b91].
In a separate development, former members of staff of the Italian Nigerian Agip Oil Company (NAOC) staged a peaceful protest demanding their entitlements in Port Harcourt [66d86dd3]. The retirees, who put in between 30 to 35 years of service, are demanding periodic increase in pension, reinstatement of retirees' spouses who are denied medicare, provision of palliatives due to the jump in cost of living, and industry practice of increasing pay to retirees as done to serving staff. The pensioners have lost over 100 members, attributed to depression and hardship caused by the harsh economy. The Agip Pensioners Association (APA) has been interacting with the company's management over the issues. The management has been nonchalant to their demands and promises. The association has given Agip until July to respond to their agitations [66d86dd3].